I Inherited a House, What To Do? – Should Sell in Longwood?

Firstly, we are so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough even at the best of times. Especially if the property is out of your area.

You are most likely thinking, “I inherited a house, now what to do with this house?” Should I rent it? Should I sell it? How should I sell it? CAN I sell it?

Tons of options and questions open for you, and it may seem overwhelming but…

… we can help.

We are seasoned real estate professionals in Longwood, and we are looking to buy several houses each month in the Longwood, Florida area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process. Also, check out one of our recent purchases at 1850 North Street Longwood, Florida.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Legalities

Your loved one has passed and they left behind a piece of real estate. Now what? The largest determining factor as to the next steps will be directed by whether or not any estate planning was done. Did they have a will? A trust? Did they record a ladybird deed with you as the remainderman? Is a probate required? The list of questions can go on and on. Fortunately, there is an answer. True Key Home Buyers has helped many people navigate the process of inherited to sold using their trusted team of legal experts to create an A to Z path to get the house sold so you can focus on honoring the memory of your loved one. If you would like to discuss your inherited property simply reach out to us. We are here to help. Contact Us.

2) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be a possibility for you. Regardless, by allowing the mortgage payment to go unpaid can result in a loss of equity or even worse the bank could initiate a foreclosure proceeding which would further complicate the situation.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need some form improvements.

It may be worthwhile to hire a professional property inspector to give you a detailed rundown on what you will need to do to prepare the house for sale or rent, along with estimated costs. This may help prevent any surprise repairs or issues when you do decide to move forward with the next step. Alternatively, True Key Home Buyers is happy to come take a look at the house with you. Our decade of experience rehabbing properties can help give you the insight into what it may or may not need. Contact Us to set up a free property condition tour.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Longwood houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our investment experience can help you win.

7) Compare a few scenarios.

We’ll help you determine prices for any property near Longwood – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs) or just simply selling it as-is, quickly, all while allowing our team and network of professionals do all the heavy lifting on your behalf.

I Inherited a House in Longwood. What To Do? – Should I Sell?